London Dominates UK Financial Services Accountancy Vacancies Despite Predicted Decline
- London retains 51% of UK financial services accountancy vacancies but faces a projected 12% year-on-year decline in 2024
- The South shows growth in financial services vacancies, up 16%, while the North and Scotland are set to decline by 22% and 32%, respectively
- The media sector in Commerce & Industry is set to grow by 31%, while the retail sector faces a 17% drop
The accountancy job market in the UK has seen notable changes, with an overall drop in the number of vacancies nationwide. A closer look reveals that 59% of roles are based outside London, but these regions have experienced an 8.6% decline in vacancies. Meanwhile, London has seen a 3% increase in demand for accountancy positions, leading to its share of total vacancies rising from 38% to 41% year-on-year. It is worth mentioning that the Commerce & Industry sector drove this growth in London, while vacancies in financial services have also declined, mirroring the trend across the rest of the country, according to the latest UK labour market report for Accounting and Finance by leading professional recruiter Morgan McKinley and market data analyst Vacancysoft.
Financial services
London continues to lead the UK in financial services accountancy vacancies, holding 51% of the market with 2,260 roles compared to 2,207 across the rest of the UK. However, a 12% year-on-year decline in London’s vacancies is forecast in 2024, alongside a 10% drop across the rest of the country.
Commercial banking and investment finance lead sector forecasts in financial services have seen significant declines in vacancies. Commercial banking is expected to see another drop in 2024, reducing its share to a quarter. Non-life insurance is also facing a decrease, shrinking to under 8%, while life insurance, despite a decline, holds at 5%.
Regionally, London leads with over half of the UK’s financial services vacancies, though its share has gradually decreased. The South is the only area showing growth, with a 16% increase in vacancies. Meanwhile, the North and Scotland are expected to see sharp declines, down by 22% and 32% respectively.
Commerce and Industry
Media Sector is the standout performer for Commerce and Industry
Across the commerce and industry accountancy sector, total vacancies are projected to decrease to 10,534 in 2024 from 10,630. However, London has experienced a significant rise, nearing 4,000 vacancies (3,896), representing a 14% year-on-year increase.
The retail sector leads accountancy vacancies in Commerce & Industry but is forecast to decline by 17% in 2024 from 32% in 2023 to 27%. The technology sector is set to grow by 14%, increasing its share from 16% to 18%. The media sector will see the most substantial growth, with a 31% rise.
Regionally, the South is expected to see an 11% decline, dropping to 2,685 vacancies and holding 25% of the market. The North will experience a 7% drop, while Wales is forecast to grow by 8%.
"As we close out 2024, the UK’s accounting and finance sector is navigating a period of transformation amid evolving market dynamics," commented: Richard Speight, Accounting and Finance, Morgan McKinley. "This year has highlighted both challenges and opportunities across the industry. While demand has remained robust in key areas such as energy and defense, broader economic pressures and cautious hiring trends reflect the complexities businesses are facing. As we look ahead to 2025, there is cautious optimism that renewed business confidence could pave the way for a more vibrant market, but the road to recovery will require patience and adaptability."
Evelyn Partners now leads the top companies
Slowly creeping up the ranks across financial services, Evelyn Partners now leads the top companies with annual totals reaching roughly 317 vacancies. This uptick means they are expected to see an increase of 87% year-on-year. Lloyds Banking Group follows with 33% yearly decrease. In terms of commerce and industry, EG Group is set to have the most vacancies with a 33% increase from last year as in 2023, they were second highest to Network rail (which has seen a 60% drop since then. EG Group is the only company to see positive yearly change two years in a row, having predicted a 2022/2023 change of 52%.
Top 5 Company Table
Top Companies, Accountant, FS, 2022-2024*, UK (see report for Top 20)
| 2022 | 2023 | 2024 (Jan-Nov) | |
|---|---|---|---|
| Evelyn Partners | 136 | 170 | 291 |
| Lloyds Banking Group | 182 | 216 | 133 |
| J P Morgan Chase and Co | 329 | 157 | 127 |
| Nationwide Building Society | 209 | 199 | 116 |
| Legal and General | 133 | 102 | 113 |
Top 5 Company Table
Top Companies, Accountant, C&I, 2022-2024*, UK (see report for Top 20)
| 2022 | 2023 | 2024 (Jan-Nov) | |
|---|---|---|---|
| EG Group | 82 | 125 | 152 |
| Informa | 96 | 62 | 98 |
| BAE Systems | 80 | 118 | 83 |
| BT | 173 | 84 | 79 |
| Thermo Fisher Scientific | 50 | 47 | 72 |
For more information, contact Sharmee Mavadia on sharmee.mavadia@morganmckinley.co.uk or Anastasiia Bohush on anastasiia.bohush@vacancysoft.com or number 442038384120
NOTES TO EDITORS
1. To download the report on Accounting and Finance 2024 by Morgan McKinley and Vacancysoft, click here.
- The data contained within the report is gathered solely and specifically from the career pages of company websites, not job boards.
- Before publication, job postings are de-duplicated and verified as unique. Every vacancy is assigned up to 20 data points through Vacancysoft’s proprietary algorithm, which is double-checked for validity by a data quality control team.
About Morgan McKinley
Morgan McKinley is a global talent services expert, offering the full spectrum of solutions to meet employers’ and jobseekers’ needs. With 19 offices in 10 countries and nearly 1000 employees, it provides 3 distinct solutions for customers. Morgan McKinley Recruitment Solutions encompassing deep expertise across 10 professional disciplines offering temporary, contract and permanent recruitment; Morgan McKinley Executive Search for targeted C-Suite talent searches; and Morgan McKinley Talent Solutions including RPO, MSP and Total Talent Acquisition.
Morgan McKinley is part of Org Group, leaders in Organisational Engineering. Empowering businesses to evolve and thrive through talent, technology and exceptional customer experiences.
About Vacancysoft
Vacancysoft is the UK's leading provider of labour market data and analytics. We provide high-grade lead generation, client intelligence and market analysis solutions for Britain's top recruitment industry firms and others.
For more information, visit vacancysoft.com.
